1 On 30 September 2005 the IASB issued its first draft Technical Correction: ‘DTC1: Proposed Amendments to IAS 21 The Effects of Changes in Foreign Exchange Rates Net Investment in a Foreign Operation’.
2 In accordance with the IASB’s draft policy on Technical Corrections, published on 28 July 2005, and open for comment until 30 September, Technical Corrections are intended to provide a ‘fast track’ process for changing accounting standards where it is clear that the words in a standard do not properly convey the IASB’s intention, even when considered with the Basis for Conclusions and any related guidance. A Technical Correction may also address unexpected consequences of a standard that the IASB would have corrected, had it been aware of them when the standard was issued.
See full Press Release, in pdf format.
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